Short GBP/USD A 'Staple Diet, Range Bound EUR/USD, Awaiting USD/JPY Dips
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As for markets, month-end looms and with Friday’s non-farm payrolls following on hard behind, we may see a reflective mood rather than dramatic action.
But it’s the tiny Treasury range that catches the eye and suggests volatility will be kept firmly anchored, investors will struggle to resist the siren call of yield and emerging markets, and the dollar’s unlikely to fly TOO high.
Short GBP/USD* is my staple diet at the moment, but otherwise EUR/USD is just range-drifting, I haven’t had the fall in USD/JPY to buy so I’m just frustrated, and it will be the employment data on Friday that determine whether we can get broader G10 trends underway into Autumn, or just stay with the yield-hunt.
SocGen maintains a short GBP/USD from 1.3750 targeting 1.25.
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